Vietnam Advances Crypto Exchange Licensing as Five Firms Clear Initial Review

Vietnam has not granted any crypto exchange licenses so far, but five companies have successfully passed an initial evaluation stage under the country’s five year digital asset market pilot program. Officials confirmed the update during a recent industry summit, though the identities of the applicants and a timeline for final approval have not been disclosed. Passing this early stage does not yet permit any company to legally operate an exchange.

Strict Capital and Security Requirements Apply

To qualify for a license, applicants must hold a minimum charter capital equivalent to roughly $383 million, with the majority contributed by institutional shareholders such as banks, insurers, securities firms or technology companies. Applicants must also meet high-level information security standards verified through a government security assessment, along with requirements covering asset custody, transaction monitoring, and anti-money laundering systems.

New Penalty Framework Takes Effect Next Month

A new decree introducing penalties for unlicensed crypto activity, improper token issuance, and compliance failures is set to take effect September 1. Fines will apply to unlicensed platforms and licensed providers alike for various violations, with reduced penalties for individuals compared to organizations.

Domestic Traders Get Temporary Relief

Although new rules begin next month, individual investors trading on unlicensed or overseas platforms won’t face immediate fines. That penalty only activates six months after Vietnam issues its first official exchange license, a process that has not yet begun. Until a license is granted, the countdown for stricter domestic trading rules remains paused.